SharpLink Gaming Expands Ethereum Holdings to $527 Million
SharpLink Gaming, a publicly-traded gaming technology company, has substantially increased its Ethereum (ETH) treasury reserves, now holding over 200,000 ETH worth approximately $527.4 million. Between June 28 and July 4, the company acquired an additional 7,689 ETH for $19.2 million, paying an average of $2,501 per coin.
Strategic Expansion and Market Implications
SharpLink has staked its ETH holdings to generate passive income, earning 322 ETH in rewards since initiating this strategy on June 2. The company further bolstered its position by raising $64 million through a common stock offering, with $37.2 million earmarked for additional ETH acquisitions. These moves demonstrate SharpLink’s strong belief in Ethereum’s long-term potential.
New ETH Concentration Metric
To provide transparency, SharpLink created ETH Concentration, a novel metric showing shareholders how much of their equity is backed by ETH. In just three weeks, this ratio improved from 2.00 to 2.37 ETH per 1,000 diluted shares outstanding.
Positive Market Reception
Investors responded enthusiastically to these developments, driving SharpLink’s stock price up more than 25% to $16.29 per share – its highest level since June 12. This surge reflects market confidence in SharpLink’s blockchain-focused treasury strategy.
